Estate Law Questions? Ask an Estate Lawyer.
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I'm presuming this was a revocable living trust that was set up to avoid probate....is that correct? Thank you!
Thank you! That's what I needed to know. Your sister is right. What happens is that before the money can be distributed, the trustee has to post a notice of your mother's death to notify creditors and then the creditors have a specified time period to submit their claims. This is so the creditors of your mom must be paid prior to any distributions. Even if it's thought that all creditors have been paid, the trustee must wait for this period to end to avoid being potentially personally liable for the debts and liabilities that weren't paid due to not waiting the requisite time period. So, your sister does have the need to wait to fulfill her duties as trustee.
This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could say the trustee would be obligated to distribute the money immediately, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!
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Thanks for following up. No, that simply means you can't contest the actual trust agreement (i.e., that you disagree with the trust provisions dividing the assets between the 5 of you). It does not relate to the "administration" of the trust. So, if the trustee were to steal your money or distribute it in some other percentage, that would be in the "administration" of the trust and would be a breach of the trustee's fiduciary duty.